Thursday,16 May 2024 08:34:48

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Thursday,16 May 2024 at 07:35

UK & European stocks opened mixed as earnings weighed on a relief rally for global markets following softer-than-expected U.S. inflation data.

Asia-Pacific markets rose after Wall Street benchmarks closed at record highs overnight on soft inflation data, while investors assessed Japan GDP data.

Gold prices inched up following a sharp rise in the last session as the dollar and bond yields weakened on the increasing likelihood of rate cuts by the U.S. Federal Reserve as early as September.

Oil prices extended gains from the previous session on signs of stronger demand in the U.S. where data showed slower inflation than markets expected, strengthening the argument for an interest rate cut which could result in even stronger demand.

In corporate news, telecoms giant BT reported a 31% drop in annual profits after taking a £488m impairment of goodwill in the year to 31 March.

Reported pre-tax profit totalled £1.19bn, down from £1.73bn the year before, on revenues that were just 1% higher at £20.80bn.

Normalised free cash flow was down 4% year-on-year at £1.3bn but ahead of guidance.

Markets

At 08:15

FTSE 100 8,419 (-0.32%)

FTSE 250 20,796 +0.10%

DAX 18,881 +0.06%

At the close

Dow Jones 39,908 +0.88%

S&P 500 5,308 +1.17%

NASDAQ 16,742 +1.40%

Fixed Income

UK 10-YR YIELD 4.063

Exchange Rates

GBP/USD 1.268

GBP/EUR 1.165

Commodities

Gold $2,389 +0.14%

Brent $83.03 +0.22%

Important - No news or research item should be construed as a recommendation to trade. The inclusion of securities within this report does not necessarily imply their suitability for individual portfolios or situations in respect of which further advice should be sought. Information contained in this report has been compiled from sources believed to be reliable but is not warranted to be accurate or complete.